Senator Townsend's bill also provided for setting aside 500,000 ounces of the Government's silver holdings for the purpose of meeting future subsidiary silver coinage requirements of the Mint.
Senator Townsend said such a sum would insure adequate supplies of bullion for approximately 100 years.
The bill envisages the withdrawal of "unwanted silver" from monetary reserves and the sale of such silver as the opportunity presents itself.
Unwanted silver," the bill states, includes standard silver dollars which the public generally has refused to use."
"To facilitate the ultimate sale of unneeded Silver, Senator Towsend said, "and recognizing that the New Deal silver, policy has resulted in the complete rejection of silver as a {standard of value abroad," the bill provides for an appropriation of a $250,000 fund to be used by the Bureau of Standards in an effort to extend industrial uses of silver in the United States."
The bill also provides for an embargo on silver imports to "protect the home market for surplus stores now held."—United Press.
Text read from the printed page and cleaned; old type leaves the occasional error.